Economy

• Thursday, March 5th 2009 - 17:09 UTC

  Gibraltar & recession: “little Britain in the sun”, or the Rock?

  

  At the Gibraltar border, a steady stream of pedestrians and vehicles enters the territory. It is mid-morning, and the Spanish are coming. Overhead, the Union flag flutters nervously, as it has, in one form or other, since Spain ceded the Rock to the UK in 1713.

• Thursday, March 5th 2009 - 16:59 UTC

  US fiscal 2009 budget deficit equivalent to 12.3% of GDP

  

  In appearance before the United States Congress Treasury Secretary Timothy Geithner said that the huge budget deficits are greatly consequence of the previous administration’s failure in addressing necessary investments in energy security and health.

• Wednesday, March 4th 2009 - 16:49 UTC

  Brazil, Germany help boost car sales; US continues to plunge

  

  Car sales in Brazil and Germany soared in February helped by tax breaks and a cash bonus to scrap old vehicles. In Brazil Fiat SpA reported its third straight sales increase in February and in Germany sales rose by 22% compared with the same month last year, reaching their highest level for 10 years.

• Wednesday, March 4th 2009 - 16:47 UTC

  Brazil’s trade in February leaner but returns to surplus

  

  Brazil's trade surplus hit 1.7 billion US dollars in February, up from a 518 million dollar deficit in January and an 882 million dollars surplus in February 2008, the Ministry of Development, Industry and Trade reported this week.

• Tuesday, March 3rd 2009 - 23:00 UTC

  Uruguay's trade deficit in 2008 soared to 2.5 billion USD

  

  Uruguay's trade deficit last year soared to 2.52 billion US dollars, up from 787 million US dollars in 2007, according to the latest release from the Central Bank.

• Tuesday, March 3rd 2009 - 23:00 UTC

  Uruguay's exports down for the fourth month running

  

  Uruguay's exports were down 20% in February compared to a year ago, the fourth month running, evidence that the global slowdown has reached the country's foreign trade, according to Foreign Trade expert Luis Bonifacino, quoted in the Montevideo press.

• Tuesday, March 3rd 2009 - 23:00 UTC

  Standard Chartered bank reports 19% rise in profits

  

  Standard Chartered bank, which focuses on Asia, Africa and the Middle East, has defied the gloom afflicting the sector by reporting a rise in profits. The bank said pre-tax profit for 2008 was $4.8bn (?3.4bn), up 19% compared with a year earlier. Standard Chartered said that it was on a “firm footing” for 2009.

• Tuesday, March 3rd 2009 - 23:00 UTC

  Number of unemployed in Spain stands at 3.5 million

  

  The number of unemployed people in Spain jumped by 154,058 in February, as the deepening recession forced companies to lay off more workers. The total number of people out of work in Spain now stands at almost 3.5 million, official figures show.

• Tuesday, March 3rd 2009 - 23:00 UTC

  Offshore tax havens skim UK treasury of ? 4 billion says TUC

  

  United Kingdom is losing at least ?4 billion a year through wealthy residents holding their money in offshore tax havens, claims a research from the TUC (Trade unions congress).

• Monday, March 2nd 2009 - 23:00 UTC

  Can art save Uruguay's gem mines?

  

  A Uruguayan mining company is turning to art to beat the effects of the global economic slowdown on its amethyst exports.